BPCL, ONGC shares gain on Mozambique asset hopes

Tags: BPCL, ONGC, Companies
Shares of Bharat Petroleum Corp Ltd (BPCL) gain 1.3 percent while Oil and Natural

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Gas Corp Ltd is up 0.42 percent after Anadarko Petroleum Corp on Monday raised its reserve estimates for a Mozambique asset where the two Indian energy companies own stakes.

Anadarko revised the total estimated recoverable resources from its Offshore Area 1 (Rovuma basin) to a range of 50 to 70-plus trillion cubic feet of natural gas from 45-70 plus tcf earlier.

BPCL holds 10 percent in the Mozambique asset, while ONGC holds 16 percent. ONGC Videsh has 4 percent.

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